New plane to be built in Washington.
The Machinists union signed an eight-year contract with Boeing, offering concessions in exchange for the aviation giant’s decision to assemble its new 777X plane in the Seattle area. Boeing and Washington governor Jay Inslee applauded the deal, with the latter saying Washington had “secured its future as the aerospace capital of the world.” Local union officials had urged workers to oppose the deal, which allows the highly profitable Boeing to freeze employee’s pensions and change their savings plans. But they were overruled by national union leaders, and the deal was approved by a narrow 51 percent vote. Shocked opponents blamed political pressure, and workers’ fear for their jobs in the wake of Boeing’s threats to move production elsewhere.
Aubrey Lee Price disappeared in 2012, allegedly suicidal over the millions he was found to have embezzled from his banking job. As fake-dead fugitives go, it was amateur hour.
You can run but you can’t die.That’s the message that Aubrey Lee Price learned today. The 47-year-old financier disappeared in the summer of 2012 after having allegedly embezzled $17 million from a Georgia Bank, and had told associates he was going to kill himself. This week, he was arrested after a Georgia policeman pulled him over for a traffic violation. At first, Price, a clean-cut banker, seemed to be part of the solution to the problems of Montgomery Bank & Trust, a two-branch bank that first opened in 1926, in Ailey, about halfway between Atlanta and Georgia’s Atlantic coast.
No thanks to Congress, the minimum wage in several states and cities will rise in 2014. That will help the working poor and lift wages for even more Americans.
Here’s my bold prediction for 2014: lots of Americans will finally get wage increases.The obsession of large companies with low wages—even amid a record stock market, record profits, an record amounts of cash on their balance sheets—has been one of the more unsavory and frustrating aspects of the current economic expansion. Lots of businesses can easily afford to pay more. But they don’t—because they don’t have to, because the labor market is weak, because they’re obsessed with boosting profits, because labor unions are almost non-existent, and because societal and cultural norms have changed significantly.
The financial failures of the Great Recession—bank busts, foreclosures, and bankruptcies—shrank dramatically this year. And the success will feed on itself.
In 2013, the U.S. economy managed not just to survive a series of shocks—the fiscal cliff, the sequester, tax increases, the government shutdown, the advent of the Affordable Care Act—but to power through them. As we speak, the U.S. is closing out its 54th month of growth, and the headline growth numbers are as good as they’ve been in years. The stock market is at a record high.This confluence of events remains something of a mystery. The U.S.
How did this holiday go so wrong? From Black Friday overload to ecommerce’s last-minute delivery disaster, this sure-thing shopping season was a major turnoff for customers.
This was a strange holiday shopping season. There’s disappointment among the bricks-and-mortar retailers who saw traffic fall, and even more for those last-minute online shoppers who had to explain some empty spots under the Christmas tree.In theory, this should have been one of the best seasons in recent memory. The economy is growing rapidly. Despite tax increases and the government shutdown and sequester, consumers were buoyed by rising housing prices and an improving jobs market.
The demise of the music industry can actually work for musicians as a moment of liberating grace. You can make a sane living in an unpredictable economy.
You know the kind of people who say “I’d never bring a child into this world?” That’s how some people feel about bands. That’s how I felt, for about five years. My first band—complete with the Rolling Stone music director handling management, and the ex-Napster COO ready to handle legal—melted down so “unexpectedly” that I fled to Washington, D.C., to write and to study political theory. Screw the music industry, I thought. This is doom.But a funny thing happened on the way to becoming a Beltway Boy.
What do ‘World War Z,’ Kate Upton in Sports Illustrated, and Gabrielle Union have in common? The Canadian coat. How a Hollywood favorite is poised to take over the world.
Just before the holidays, Canada Goose, an outerwear brand based in—you guessed it—Canada, got the kind of early Christmas present most companies dream of. Bain Capital, the investment firm made famous by presidential candidate Mitt Romney, announced it had acquired a majority stake in the brand.The influx of cash will position Canada Goose, already a favorite of Europeans and Canadians, to begin an aggressive expansion into the U.S. marketplace.
The CEO, used to favorable press, has found himself battered over the troubled Patch sites. He tells The Daily Beast why he’s still in love with Aol.’s brands—including HuffPo.
“I love the business we’re in. I love the brands we have,” Tim Armstrong says. “One of my goals is to double the size of the company in the next few years. We have to set a lofty goal.”He is chairman and chief executive of an enterprise that over the past two decades has been variously christened America Online, AOL-Time Warner, just plain AOL, and now—after a modest alteration in logo and lettering with a declaratory period—Aol. Once the planet’s dominant Internet company, a $150 billion corporate behemoth, it’s a sliver of its former self today—less than 1/40th of its previous dimensions.
We expect companies to go for the hard sell over the holidays—but sometimes they can surprise us. From Apple to Skype, see the ads that gave us the warm and fuzzies.
1. Apple, ‘Misunderstood’Get a hanky ready before you dive into the Cupertino giant’s story of a “misunderstood” teen. While he appears to be more engrossed in his phone than the family activities around him, the truth might just reduce you to sobs. 2. Google Nexus 7, ‘Best Friend’Google brings us another teen who seems to care more about carrying on with his own life than his family. That all changes when his mom sends him a picture of their sick dog—and Google Nexus 7 comes to the rescue, helping the boy get home to his best friend.
Believe it or not, the economy is showing signs of serious growth. Will the catastrophist diehards learn to stop worrying and accept the recovery?
It’s been a bad week or so for the economic catastrophists.Never mind that the S&P 500 is near a record high, that the economy has been expanding for 53 months, and that payrolls have risen by nearly 7.5 million since February 2010.Many still continue to believe that disaster is right around the corner. Why? The narrative goes something like this. There’s Obamacare, which is supposed to inhibit hiring, consumption, and the general enjoyment of life.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
The Democratic congresswoman could give the craziest Republican a run for his money with her history of wild statements.